March 28, 2018 / 7:26 AM / a month ago

TUI buys destination services ops from Hotelbeds for 110 mln euros

FRANKFURT, March 28 (Reuters) - Europe’s largest tour operator TUI said on Wednesday it was buying Spanish hotel room specialist Hotelbeds Group’s destination services business for 110 million euros ($136.27 million) in cash.

The deal will allow it to expand in the destination services market, which develops and arranges excursions at holiday destinations and which is growing at a rate of around 7 percent a year, TUI said in a statement. ($1 = 0.8072 euros) (Reporting by Maria Sheahan)

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